News & Analysis as of

Orrick's Financial Industry Week In Review

Financial Industry Developments - CTFC Approves Proposed Rules Addressing Application of Certain CEA Regulations to Cross-Border Transactions - On October 11, 2016, the U.S. Commodity Futures Trading Commission...more

Derivatives In Review - October 2016

CFTC Delays Reduction in Swap Dealer De Minimis Exception Threshold - On October 13, 2016, the Commodity Futures Trading Commission approved an Order delaying for one year the reduction of the threshold for determining...more

Financial Regulatory Developments Focus - October 2016

Bank Prudential Regulation & Regulatory Capital - US Board of Governors of the Federal Reserve System Releases Proposed Rule to Modify Capital Plan and Stress Testing Rules - On September 26, 2016, the US Board of...more

Energy Sector Alert Series: Federal Reserve Board Seeks New Limits on Bank Activities in Physical Commodities

As a result of both legislative mandates as well as Congressional and public concern, the Board of Governors of the Federal Reserve System (Board) has been examining whether to impose new restrictions on the activities of...more

Federal Reserve Proposes Rules Aimed at Banks Owning, Trading and Moving Commodities

On Sept. 23, 2016, the Federal Reserve issued proposed rules that could put pressure on investment banks, such as Morgan Stanley and Goldman Sachs, to divest certain energy assets and energy trading activities. Over the...more

ESMA Issues Final Guidelines on Inside Information and Commodity Derivatives under MAR

On September 30, 2016, the European Securities Markets Authority (“ESMA“) published final guidelines (ESMA/2016/1412) on information relating to commodity derivatives disclosable under the Market Abuse Regulation (Regulation...more

Reversing Course—Proposed Regulations Reverse IRS Ruling Position on Treatment of Income from CFCs and PFICs for RIC Qualification...

On September 27, the Internal Revenue Service (IRS) and the Department of the Treasury (Treasury) issued proposed regulations (REG-123600-16) (the Proposed Regulations) under section 851 addressing the income test applicable...more

"Privacy & Cybersecurity Update - September 2016"

In this edition of our Privacy & Cybersecurity Update, we examine the Sixth Circuit's decision to allow injury-in-fact to be established by alleging a "substantial risk of harm" in a data breach case, New York state's...more

CFTC Issues Fourth Penalty for Inaccurate Large Trader Reporting of Swaps

On September 27, 2016, the U.S. Commodity Futures Trading Commission (“CFTC” or the “Commission”) issued a fourth penalty for violations of its Swaps Large Trader Reporting (“Swaps LTR”) rule. This time, the penalty was...more

EU Final Legislation on Requirements for Firms to Hold Information on Financial Contracts

A Commission Delegated Regulation outlining Regulatory Technical Standards specifying the information on financial contracts that a firm may be required to maintain was published in the Official Journal of the European...more

The Federal Reserve’s Proposed Rollback of Physical Commodities Authority for Financial Holding Companies

On September 23, 2016, the Board of Governors of the Federal Reserve System (the “FRB”) issued a proposed regulation concerning the ability of a financial holding company (“FHC”) to engage in physical commodities activities...more

Financial Services Weekly News - September 2016 #3

Editor's Note - Investment Company Institute Publishes FAQ on SEC No-Action Letter Regarding Auditor Independence. On September 23, the Investment Company Institute (ICI) published a memorandum (ICI Memo) responding to...more

Federal Banking Agencies Issue Dodd–Frank Mandated Report on Bank Activities and Investments

On September 8, 2016, the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) issued a 107-page joint...more

Orrick's Financial Industry Week in Review

Financial Industry Developments - OCC Discusses Marketplace Lending - On September 13, 2016, Comptroller of the Currency Thomas J. Curry discussed marketplace lending's risks and associated policy questions. He...more

Providing Brokerage Services in Commodities in the UAE: futures and derivatives trading

To perform as a trader (broker) of commodities in the UAE the company (a legal entity incorporated according to the UAE law or foreign company incorporated outside the UAE) needs to carry out the necessary procedures to...more

Was that trader really 'spoofing'? Focus on the statute’s words, not the regulator’s claims

Can trading pursuant to an algorithmic program properly be found to constitute “spoofing” in violation of CEA Section 4c(a)(5)(C): What constitutes “the intent to cancel the bid or offer before execution”? ...more

Managing Risks in Acquisitions from Financially Challenged Sellers in the Resources & Energy Sector

Impact of Low Commodity Prices - After a decade long boom in the resources and energy sector, prices across almost all commodities declined from 2012, with particularly sharp declines during 2015 and into 2016, as supply...more

CFTC Proposes Rules to Align with SEC Whistleblower Program

The U.S. Commodity Futures Trading Commission (CFTC) proposed amendments last month to the regulations governing its whistleblower bounty program. A number of the changes are aimed at more closely aligning the CFTC’s...more

NBU amended the currency legislation (Ukrainian)

Continuation of the currency market liberalization - Within the framework of its gradual liberalization policy the National Bank of Ukraine ("NBU") introduced certain changes to the applicable currency legislation. The...more

NBU amended the currency legislation

Continuation of the currency market liberalization - Within the framework of its gradual liberalization policy the National Bank of Ukraine ("NBU") introduced certain changes to the applicable currency legislation. The...more

Your daily dose of financial news - The Brief – 9.9.16

We’ve got a number for that Wells Fargo settlement/fine, and it’s a doozy: $185 million for illegal banking practices (including secretly issuing credit cards without customer consent, signing up customers for online banking...more

CFTC Proposes New Amendments to its Whistleblower Rules

The U.S. Commodity Futures Trading Commission (“CFTC” or the “Commission”) has proposed numerous amendments to the Whistleblower Rules found in Part 165 of the CFTC’s Regulations. The Commission seeks to enhance the process...more

Does a Commodity Ever Need to Apologize?

On this welcome Labor Day, a few different thoughts converged for me, so please allow me to answer my own question in the title of this post, starting by explaining the...more

CFTC Proposes to Amend Whistleblower Rules to Provide Anti-Retaliation Enforcement Authority

The CFTC has proposed amendments to its whistleblower rules that reinterpret its anti-retaliation authority and proposes appropriate rule amendments to implement that authority. When the CFTC initially adopted its...more

NBU lifts pricing expertise requirements for imported services

Starting from 19 August 2016, Ukrainian residents are no longer required to obtain a pricing expertise certificate issued by the State Information and Analytical Centre for Monitoring International Commodity Markets in order...more

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